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Exhibit 99.1
RELEASE: IMMEDIATE
GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 RESULTS
JERICHO, NY, March 4, 2015 Getty Realty Corp. (NYSE-GTY) (Getty or the Company) announced its financial results for the quarter and year ended December 31, 2014.
Highlights for the Fourth Quarter Ended December 31, 2014:
| Funds from operations (FFO) of $0.38 per share |
| Adjusted funds from operations (AFFO) of $0.34 per share |
| Acquired 3 properties for $10.8 million in the aggregate |
| Disposed of 22 properties for $5.8 million in the aggregate |
| Recognized additional environmental liability |
For the second consecutive year, we made progress on our ongoing transformation. This was evidenced by our solid Adjusted Funds from Operations per share growth, excluding payments from the Lukoil Settlement stated David B. Driscoll, Gettys Chief Executive Officer. We remained disciplined and judicious in our acquisition approach, which combined with the continued optimization of the portfolio resulted in improved performance throughout the year. We have also aggressively reduced operating costs over the past few years and together all of these efforts are driving additional cash flow. As we move into 2015, we are excited to have positioned the Company to outperform. Additionally, we have a robust pipeline of opportunities that we believe could contribute to our growth.
Financial Results:
The Companys net income, funds from operations (FFO) and adjusted funds from operations (AFFO) for the year ended December 31, 2013 included payments from the settlement of a litigation brought by Getty Petroleum Marketing, Inc. (Marketing) against Lukoil (the Lukoil Settlement) of approximately $23.7 million, or $0.71 per share. In addition, the Companys net income for the year ended December 31, 2013 included significant gains on dispositions of real estate. For these reasons, comparisons of the Companys performance for the years ended December 31, 2014 and 2013 are less meaningful.
Net Earnings:
The Company reported a net loss for the quarter ended December 31, 2014 of $3.1 million, or $0.10 per share, as compared to net earnings of $5.0 million, or $0.15 per share, for the quarter ended December 31, 2013. The results for the quarter ended
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Getty Realty Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
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Getty Realty Corp provided additional information to their SEC Filing as exhibits
Ticker: GTY
CIK: 1052752
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-091555
Submitted to the SEC: Fri Mar 13 2015 6:47:36 PM EST
Accepted by the SEC: Mon Mar 16 2015
Period: Wednesday, December 31, 2014
Industry: Real Estate